IT TECH PACKAGING, INC.

Listed Company

ITPCIK 0001358190NYSENon-AcceleratedSmaller ReportingConverted Paper & Paperboard Prods (No Contaners/Boxes)NevadaFRFY ends Dec 31

Period

FY 2024

Revenue

$75.84M

Net Income

$-9.84M

Total Assets

$177.55M

Equity

$156.05M

Shares Out

16.97M

Op. Cash Flow

$6.30M

Business

IT Tech Packaging, Inc. is a Nevada holding company that conducts substantially all operations in China through its PRC subsidiaries and contractual VIE arrangements with Hebei Baoding Dongfang Paper Milling Co., Ltd. It produces and distributes paper products and face masks, principally corrugating medium paper, offset printing paper, tissue paper products and non-medical/medical single‑use face masks. Key operating entities include Baoding Shengde, Tengsheng, Qianrong and the consolidated VIE Dongfang Paper, which operate under VIE agreements. The company sells primarily in China—notably North China and Hebei/Shandong provinces—to corrugating cardboard manufacturers, printers and other industrial customers through direct commercial sales and regional distribution.

Summary from filing dated 2025-04-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Revenues	76	87	100	161	101
Cost of sales	−69	−86	−96	—	—
Gross Profit	7	999,885	5	11	6
Selling, general and administrative expenses	−15	−9	−10	−10	−11
Loss on impairment of assets	−102,490	−2	—	—	—
Loss from Operations	−8	−10	−5	1	−5
Interest income	14,793	315,096	24,264	38,766	32,033
Interest expense	−762,377	−984,518	—	—	—
Gain (Loss) on derivative liability	−5,597	646,229	—	—	—
Loss before Income Taxes	−9	−10	−5	—	—
Income Tax (Expenses) Benefits	−879,194	−346,954	−12	−6	1
Net Loss	−10	−10	−17	905,535	−6
Foreign currency translation adjustment	−2	−3	−18	5	12
Total Comprehensive Loss	−12	−13	−35	6	6
Basic Losses per Share (in Dollars per share)	−0.98	−0.99	−1.66	0.1	—
Diluted Losses per Share (in Dollars per share)	−0.98	−0.99	−1.66	0.1	—
Outstanding Basic (in Shares)	10	10	10	9	—
Outstanding Diluted (in Shares)	10	10	10	9	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Cash and bank balances	6	4	10	11	4
Restricted cash	1	472,983	—	—	—
Accounts receivable (net of allowance for doubtful accounts of $53,111 and $11,745 as of December 31, 2024 and December 31, 2023, respectively)	287,576	575,526	—	—	—
Inventories	2	4	3	6	1
Prepayments and other current assets	18	19	27	26	7
Total current assets	28	28	47	56	15
Operating lease right-of-use assets, net	421,868	528,648	672,722	—	—
Property, plant, and equipment, net	147	164	152	127	145
Value-added tax recoverable	2	2	2	2	3
Deferred tax asset non-current	—	—	—	—	—
Total Assets	178	195	204	242	200
Short-term bank loans	4	423,567	—	—	—
Current portion of long-term loans	4	7	—	—	—
Lease liability	245,604	100,484	224,497	210,161	182,852
Accounts payable	1	4,991	5,025	10,255	592,391
Advance from customers	11,773	136,167	—	—	—
Accrued payroll and employee benefits	207,508	237,842	165,986	291,206	224,930
Other payables and accrued liabilities	12	13	—	—	—
Income taxes payable	80,905	—	417,906	—	—
Total current liabilities	20	21	18	20	18
Long-term loans	1	5	4	—	—
Lease liability - non-current	231,147	483,866	579,997	152,233	354,107
Derivative liability	5,651	54	646,283	2	1
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $16,976,765 and $20,084,995 as of December 31, 2024 and 2023, respectively)	21	26	23	26	25
Commitments and Contingencies	—	—	—	—	—
Common stock, 50,000,000 shares authorized, $0.001 par value per share, 10,065,920 shares issued and outstanding as of December 31, 2024 and December, 31, 2023.	10,066	10,066	10,066	9,916	28,536
Additional paid-in capital	89	89	89	—	—
Statutory earnings reserve	6	6	6	—	—
Accumulated other comprehensive loss	−13	−11	−8	10	6
Retained earnings	74	84	94	—	—
Total stockholders equity	156	168	181	216	175
Total Liabilities and Stockholders Equity	178	195	204	242	200

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Depreciation and amortization	14	14	15	15	16
(Gain) Loss from disposal and impairment of property, plant and equipment	102,490	2	—	—	—
(Recovery from) for bad debts	911,228	34,193	843,779	33,480	−28,087
Allowances for inventories, net	730,490	2,970	—	—	—
Accounts receivable	240,346	280,970	4	−2	923,429
Prepayments and other current assets	−6,090	9	−4	−8	5
Inventories	432,189	−736,267	3	−5	458,878
Accounts payable	−4,966	50	−4,496	−589,371	307,198
Advance from customers	−123,624	136,686	−37,452	—	—
Related parties	−38,206	−478,025	444,291	−785,097	2
Accrued payroll and employee benefits	−27,107	74,908	−103,683	60,334	−82,516
Other payables and accrued liabilities	−382,586	−596,695	—	—	—
Income taxes payable	81,720	−412,504	−614,738	832,946	−1
Net Cash Provided by Operating Activities	6	13	11	−2	16
Purchases of property, plant and equipment	−329,611	−22	−5	−25	−21
Proceeds from sale of property, plant and equipment	—	53,573	—	—	580,206
Net Cash Used in Investing Activities	−329,611	−22	−11	−25	−21
Repayments of related party loans	−727,433	—	—	—	—
Proceeds from short term bank loans	843,087	1	6	—	—
Proceeds from long term loans	—	4	59,195	—	—
Repayment of bank loans	−3	−8	−6	−7	−6
Payment of capital lease obligation	—	−74,154	−206,114	−185,050	−72,003
Loan to a related party (net)	—	7	—	—	—
Net Cash (Used in) Provided by Financing Activities	−3	4	−879,596	34	2
Effect of Exchange Rate Changes on Cash and Cash Equivalents	−154,507	−174,835	−618,005	372,794	—
Net Increase (Decrease) in Cash and Cash Equivalents	3	−5	−2	7	−2
Cash paid for interest, net of capitalized interest cost	2	1	320,568	577,194	592,140
Cash paid for income taxes	797,473	759,458	2	2	2

Filings

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